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Business & Economy

North East lawyer shares business views with the Chancellor

A North East lawyer, Ian Gilthorpe, has written to Chancellor Rishi Sunak after gathering views from business leaders on measures that could boost the economy.

The letter comes after Square One Law, in partnership with Recognition PR, established the Business Fellowship Forum to support businesses during the coronavirus pandemic.

More than 200 business leaders have been contacted to provide insights into the challenges they have faced during the public health emergency, ahead of the Chancellor’s forthcoming economic statement in July.

Some of the key suggestions put forward to support the economic recovery include:

  • Firms that receive special support from the Government should be required to maintain timely payments to their suppliers
  • Enterprise Investment Scheme relief should be increased to 50 per cent of income tax
  • Introduce a temporary suspension of Capital Gains Tax
  • Maintain the commitment of the Government to large infrastructure investments
  • Formalise local content requirements for big Government infrastructure spending
  • Push ahead with Freeports in the North East
  • Re-introduce enterprise zones, which in the past resulted in the development of the Metrocentre, Doxford International Business Park and Newcastle Business Park

Ian Gilthorpe, senior partner at Square One Law, said: “Our unique relationship with hundreds of businesses, through our executive fellowship initiative and of COVID-19 business response support group, has given us real insight into the needs of business at this critical time in the economic life of Britain.

“Interestingly, we are talking to a wide range of size and sector businesses and we had a great many excellent ideas which we have distilled down into fourteen key measures.

“When people talk about managing the ‘second wave’ of the pandemic, they should really be examining measures to tackle the massive economic danger we will face without further speedy and innovative Government action.

“The ideas we have sent to the chancellor are practical measures that would help businesses to generate the cash they need to survive, stimulate the economy by returning to the ‘levelling up’ agenda, and provide tax incentives for investment to continue at the pace and scale needed for a lasting recovery.”